Fear Factor: FinTech
Rapid heartbeat, trembling, chills up your spine, tightness in your chest—you are experiencing fear—but it isn't the wolfman or a vampire hot on your trail. This menace is something much more terrifying.
Financial technology is something that many companies fear, but trust us—you don't have to be afraid. Let's chase the monsters from under your metaphorical bed by shining a light on some common FinTech adoption fears and why they are (in reality) unfounded.
Fear Number 1: Change
"We are afraid of change. We've always done things this way and it works."
Being afraid of change is natural, especially when there is seemingly no going back. You might think that once your company adopts a financial technology solution it can be difficult to switch providers. But, in actuality, there is nothing that prevents you from changing providers or going back to the way things were. Companies who rush adopting a FinTech solution—or those who fail to fully research the available options—are at the biggest risk of moving backwards, but fear not! Most interfaces are standardized, so moving between providers is not an issue.
Fear Number 2: Customer Care
"What if our customers don't like the changes we make when we add FinTech?"
When you've done things the same way for a long time, it is natural to fear that your customers won’t be receptive to new processes. However, not adopting new technology is the far greater risk. Cloud-based, automated solutions allow an ease of efficiency that gives back time, money, and mobility. Your customers may be used to a certain way of doing things, but they’ll find that increased convenience equals increased happiness. Your business's level of efficiency directly relates to the level of client care you’re able to provide.
Fear Number 3: Security
"Won't FinTech increase our risk of a security breach?"
When you adopt a FinTech solution, you are trusting your company's data and that of your customers to a third party—and that loss of control can be the culprit of your worst nightmares. According to this "Cloud Adoption" study, the number-one concern that companies have when moving to the cloud is data security. But that concern can’t be further from the truth. In fact, when you choose the right FinTech solution provider, your company’s security actually increases due to high compliance standards.
Fear Number 4: Cost
"FinTech could end up costing us more than we think. We don't know if we want to take on the expense."
Adopting FinTech does have its costs but these are more than offset by the gains that technology provides. Technological advancements like automation make a real difference in the volume of work your company can handle. A study in the Harvard Business Review found that when companies use technology to enhance employee productivity, they perform better, are more efficient, and provide a better customer experience.
Fear Number 5: Reliability
"What happens if our FinTech fails? We can't risk downtime."
Where technology is involved, the worry about downtime is a palpable concern, but let’s be realistic—whether you manage your own data or hire a FinTech provider, downtime is going to happen. The upside to utilizing a FinTech solution is that you gain additional backup services. You will always have someone to call if something goes wrong and an entire team at your disposal to help you get back up and running.
Fears aren’t facts—it’s time to vanquish your FinTech nightmares once and for all.